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Tax Year 2020: 1099-NEC
I believe I need to file some form 1099's with the IRS and provide to the contractors that I paid during 2020. The payments were made to independent companies that did various jobs on my rental properties and were greater than $600. They are either individuals or LLCs and were paid by check (rather than a credit or debit card). Thinking I need to report this to them on form 1099-NEC this year, is that correct? Also, if the payments were for a mix of labor and materials does the full amount get reported to them on Form 1099 or do I need to try and determine just the amount of labor?
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Investors & landlords
You'll need to provide forms 1099-NEC to contractors to whom you paid more than $600 during 2020 and file them with the IRS by January 31, 2021. You have to report the total amount paid to each contractor.
You can use TurboTax Self-Employed to prepare and e-file forms 1099-NEC.
To prepare forms 1099-NEC, follow these steps:
- Sign out of your account and sign in again.
- On the landing page, click on the down arrow next to Your account then click on Create W2s and 1099s.
- You will be taken to the TurboTax Quick Employer Forms (QEF) website.
- Sign in with your TurboTax username and password. If you do not have an account, click Create Account to create a new account. Note carefully the username and password as you need then if you need to retrieve the forms later.
- After signing in, click on Create New Form
- On the next page, choose the type of forms you wish to prepare then click Continue to begin entering information for your forms.
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I wasn't able to follow those steps to get the QEF website. is there another path to get there?
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In TurboTax Desktop you will need to using the Home and Business or TurboTax Business products to access Quick Employer Forms. You will need to create a new return and it will ask if you want to complete W-2s or 1099s
Click HERE for more information on using Quick Employer Forms.
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@blotie25 Which desktop program do you have? And Windows or Mac? You need to have the Home & Business version. If you are on a Mac it only lets you do them online using Quick Employer Forms.
You can do them 2 different ways from the Windows Desktop Home & Business program. Either Online using Quick Employer Forms (QEF) -or- directly on your computer with the built in W2/1099 Reporter.
In the Window's Home & Business Desktop program to Prepare W2s or 1099s, click the big blue button to Start a New Return or go up to File-New Tax Return.
Then on the next screen it asks What would you like to do?
If you get a screen with 2 choices, Check the second circle that says Prepare W-2s and 1099s for my employees or contractors. Then that will expand and give you a choice to prepare them online or on your computer.
If you get a screen that says Continue your Tax Return and a box listing your returns then go up to FILE - New Tax Return again and you should get a box to pick the type of return you need to prepare. Pick US Forms W-2/1099 Reporter
See this for more info on the Quick Employer Forms…..
https://ttlc.intuit.com/questions/1900677-about-quick-employer-forms